A luxury multifamily community in Iselin sold for $15.7 million, according to real estate firm Cushman & Wakefield.
Adoni Property Group sold the 48-unit apartment building, located at 444 Lincoln Highway, to West Orange-based F.M. Ferrari Investments, Cushman & Wakefield said in a news release.
The luxury building was built in 2018 and boasts an ideal location for commuters to New York City given its proximity to MetroPark Station, the firm said. It is fully leased, and the sale price equates to $327,000 per unit.
“The multifamily market remains very strong, especially for luxury apartments,” Cushman & Wakefield Senior Director Andrew Schwartz said. “444 Lincoln Highway’s high-end contemporary designs and finishes provide a competitive advantage for retaining tenants and allowing rent growth in the future, positioning new ownership for success.”
The team of Schwartz, Andy Merin, Brian Whitmer, Jordan Sobel and Andre Balthazard represented the seller and procured the buyer in the transaction.
